One of my relatives, Sara, is a retiree, aged 62 and single. During our conversation, she shared that she has approximately RM100,000 in cash and a condominium worth RM700,000. She also spends RM2,500 a month on living expenses, which includes paying for two life insurance policies (covering critical illness and life insurance) with a combined...
Recently, I met with a single-parent family with a 13-year-old son and a 10-year-old daughter. The daughter was diagnosed with Fragile X syndrome, which affects her brain development and learning abilities. The family has RM100,000 in cash, two life insurance policies for the children, and a terrace house where they live. The mother wishes to...
When assisting clients with their estate planning, we first study the client’s background, assets, and liabilities in detail. I recently met a client who is a successful businessman and investor. He has built a portfolio consisting of stocks, cryptocurrencies, and properties worth over RM3 million, plus RM500,000 in cash. Despite accumulating such personal wealth, he...
“I’m Mr. Wong, 55 years old, and I have been invested in the world of cryptocurrency for some time now. Over the years, I’ve accumulated a significant amount of digital assets and firmly believe in their long-term value. My concern is how to ensure these assets are properly passed down to my son, Adam, after...
When it comes to planning for the future, many people often ask, “Can I write my own Will? Is doing it myself sufficient?” or “Why should I spend money on a professional Will writing service?” I think this is a general misconception by the public and let me explain it in detail. Can You...
Let me share our estate planner’s experience, as they are often asked during policy reviews with their clients, “What happens if there is no nomination made in my insurance policy?” I feel it is necessary to explain this in detail. a. Payment to the Applicant with Legal Documents If no nomination is made,...
Understanding the Impact on Your Investments Imagine Alex, an experienced investor from Malaysia, who has amassed a diversified portfolio in both Malaysia and Singapore. If Alex were to pass away, what would happen to his investments and the dividends they generate? Without a Will If Alex has not prepared a Will, his...
First, allow me to explain the concept of guardianship. Guardianship is a legal concept that plays a vital role in ensuring the welfare and protection of children below 18 and who are unable to manage their own affairs in Malaysia. It is governed by the Guardianship of Infants Act 1961. Next, let us...
I recently received a call from our company’s estate planner. During our conversation, he informed me about an issue encountered with one of his clients. He provided a brief background of the situation: Madam Siow, aged 56, has two sons, Alan (age 26) and Eric (age 30), and was divorced two years ago. She made...
I recently discovered an interesting conversation between our professional estate planner and Mr. Wong, a diligent accountant deeply invested in securing his family’s future. During our discussion, Mr. Wong raised a crucial question: Why is life insurance important? I realize that many of you might wonder why life insurance is important in financial planning and...
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